G-PISD Chapter 313 Projects
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1 Updated Financial Analysis for G-PISD Corpus Christi Liquefaction Trains 4 and 5 Projects Impact of Current Chapter 313 Agreements Addition of CC Liquefaction Trains 4 and 5 Projects With /Without New Chapter 313 Agreements through School Years June 20, 2017
2 G-PISD Chapter 313 Projects
3 Key Assumptions All current Chapter 313 projects are included in our school finance model Illustration of the impact of the Corpus Christi Liquefaction Trains 4 and 5 projects with and without Chapter 313 agreements Three models: All previously approved projects, including the recently-approved ExxonMobil-related projects Addition of CC Liquefaction Trains 4 and 5 projects with Chapter 313 agreements Addition of CC LIquefaction Trains 4 and 5 projects without Chapter 313 agreements Maximum M&O tax rate is assumed for each year of the forecast period Current-law school finance and recapture provisions are assumed June 20, 2017 Moak, Casey & Associates 3
4 Key Assumptions (cont d) I&S tax base could increase from $2.3 billion in to $16.1 billion by with existing projects Additional $ 4.0 billion for I&S tax base by with CC Liquefaction Trains 4 and 5 projects, with or without Chapter 313 agreements Hold-harmless stipulations in current agreements afford G-PISD revenue protection Hold-harmless and supplemental payments expected from existing Chapter 313 agreements through $194 million in estimated hold-harmless revenue protection payments $58 million in estimated supplemental payments Results are based on current school finance laws June 20, 2017 Moak, Casey & Associates 4
5 Summary of G-PISD Approved and Pending Chapter 313 Applications* First Limitation Year Estimated Peak Project Values (In Mil.) Projected Recapture Savings (In Mil.) Projected Supplemental Payments (in Mil.) Revenue Protection Payments (In Mil.) Project EC&R Papalote Creek II, LLC $101.5 $0.3 $2.0 $1.0 CCL Liquefaction Train $5,141.9 $286.6 $6.0 $55.3 CCL Liquefaction Train $2,862.0 $155.4 $6.0 $36.5 CCL Liquefaction Train $2,000.0 $147.9 $6.0 $22.8 voestalpine $599.3 $8.9 $6.0 $5.9 APEX Clean Energy Holdings, LLC $228.0 $7.4 $5.1 $3.7 GCGV Asset Holding, LLC $3,957.3 $375.3 $9.0 $53.6 ExxonMobil Corporation $584.0 $40.3 $9.0 $7.4 SABIC US $584.0 $40.3 $9.0 $7.4 Subtotal $16,058.0 $1,062.4 $58.1 $193.6 PROJECTS UNDER CONSIDERATION CC Liquefaction Train $2,447.9 $216.8 $8.7 $33.2 CC Liquefaction Train $1,569.9 $135.0 $8.9 $20.6 Subtotal $4,017.8 $351.8 $17.6 $53.8 Grand Total $20,075.8 $1,414.2 $75.7 $247.4 * Based on Comptroller s 2016 CDR reports for existing agreements and current estimates for ExxonMobil and CC Liquefaction (including Trains 4 and 5). June 20, 2017 Moak, Casey & Associates 5
6 Key Findings As noted previously, combination of hold-harmless and supplemental payments and sound financial practices should provide enough M&O revenue so that district operations are not impeded Increased I&S tax base should result in substantial tax savings for G-PISD taxpayers Recapture paid to the state between and would increase by as much as $352 million if the CC Liquefaction Trains 4 and 5 projects are constructed in the absence of Chapter 313 agreements (on top of $923 million for current projects and CC Liquefaction Trains 4 and 5 with Chapter 313 agreements in place) Foregone supplemental payments for the three projects would total $18 million Foregone hold-harmless amounts estimated to total $54 million June 20, 2017 Moak, Casey & Associates 6
7 Impact of CC Liquefaction Trains 4 and 5 Chapter 313 Projects
8 In Millions Figure 1. Recapture Payment Estimates for G-PISD under Current Law With Existing Chapter 313 Projects, Including ExxonMobil-Related Projects through School Years (in Millions) $120.0 $100.0 $93.1 $88.1 $83.3 $80.0 $64.7 $60.0 $58.1 $55.1 $51.8 $48.5 $47.8 $58.2 $54.6 $40.0 $20.0 $0.0 $0.0 $0.2 $4.9 $0.5 $0.5 $0.6 $0.3 $9.3 $9.0 $0.8 $0.0 Recapture June 20, 2017 Moak, Casey & Associates 8
9 In Millions Figure 2. Recapture Payment Estimates for G-PISD under Current Law With Existing Chapter 313 Projects and CC Liquefaction Trains 4 and 5, WITH Agreements through School Years (in Millions) $124.2 $119.4 $120.0 $112.7 $100.0 $96.8 $80.0 $60.0 $58.9 $55.7 $52.4 $49.1 $61.8 $69.8 $79.6 $40.0 $20.0 $0.0 $0.0 $0.2 $4.9 $0.5 $0.8 $1.4 $9.4 $13.1 $7.2 $0.8 $4.6 Recapture June 20, 2017 Moak, Casey & Associates 9
10 In Millions Figure 3. Recapture Payment Estimates for G-PISD under Current Law With Existing Chapter 313 Projects and CC Liquefaction Trains 4 and 5, NO Agreements through School Years (in Millions) $120.0 $124.2 $119.4 $112.7 $100.0 $80.0 $95.9 $91.4 $86.7 $82.2 $95.8 $89.2 $84.4 $96.8 $65.1 $60.0 $40.0 $40.4 $39.5 $30.4 $20.0 $13.2 $0.0 $0.0 $0.2 $4.9 $0.5 $0.8 $1.4 Recapture June 20, 2017 Moak, Casey & Associates 10
11 In Millions Figure 4. Recapture Payment Savings for G-PISD under Current Law With Existing Chapter 313 Projects, WITH vs. NO Agreements for CC Liquefaction Trains 4 and 5 Projects through School Years (in Millions) $120.0 $100.0 $80.0 $60.0 $60.5 $40.0 $27.3 $32.3 $29.6 $37.0 $35.7 $34.3 $33.1 $34.0 $20.0 $19.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3.8 $4.8 $0.0 $0.0 $0.0 $0.0 Recapture June 20, 2017 Moak, Casey & Associates 11
12 Conclusions Major changes ahead given the unprecedented level of investment that is anticipated in G-PISD Flexibility will be required to manage District s finances through the next decade and beyond Favorable hold-harmless agreements and initial rollback exemptions should provide G-PISD with the resources it needs to fund the District s operations through a challenging period If CC Liquefaction Trains 4 and 5 projects are added without Chapter 313 agreements in place, recapture payments for G-PISD would increase by nearly $352 million through the school year June 20, 2017 Moak, Casey & Associates 12
13 Conclusions (cont d) Current existing Chapter 313 projects Substantial tax savings on I&S taxes for voter-approved bonds and supplemental payments estimated at $58 million Companies pay reduced M&O taxes for up to 10 years offset by state formula changes and hold-harmless payments Current existing Chapter 313 projects and CC Liquefaction Trains 4 and 5 with limitation agreements Another $4 billion in taxable value to bolster I&S tax collections Significant reduction in recapture costs relative to ExxonMobil without agreements estimated to be savings of $352 million through the school year Increase of $18 million in supplemental payments for district use The two projects have M&O taxes based on $30 million each for 10 years, holdharmless payments ($54 million) and state formula offsets June 20, 2017 Moak, Casey & Associates 13
14 Conclusions (cont d) Current existing Chapter 313 projects and CC Liquefaction Trains 4 and 5 without value limitation agreements Substantial increase in recapture costs--$352 million higher through Results from company not receiving any tax savings during what would have been the limitation period District would still receive benefits from I&S tax base increase, assuming the projects are built Supplemental payments and any excess hold-harmless funds would be foregone by the District June 20, 2017 Moak, Casey & Associates 14
15 Dee Carney Curtis Culwell, Ed. D. Terry Faucheux Chris Grammer Catherine Knepp Kathy Mathias Bob Popinski Joe Wisnoski Associates Lynn M. Moak Daniel T. Casey Partners Thomas V. Alvis, Ph. D. Larry Groppel, Ed. D. Alicia Thomas, Ph. D. Mary McKeown-Moak, Ph. D. Consultants Susan Moak Kari Ruehman Administrative Staff 400 West 15 th Street, Suite 1410, Austin, Texas Ph. (512) Fax (512)
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